The ownership of Selfridges has been plunged into doubt by a financial crisis that has engulfed one of its two shareholders.
The Oxford Street department store was sold by its former owners the Canadian Weston family for £4 billion last year to Austrian developer Signa Holding and Thai conglomerate Central Group, which each took a 50 per cent stake.
However, heavily indebted Signa, which also owns the Chrysler Building in New York, has descended into turmoil after being hit by soaring borrowing costs and plummeting property valuations.
Last week shareholders ousted chairman René Benko in a dramatic boardroom coup. Signa plans to appoint German restructuring expert Arndt Geiwitz, investor Hans Peter Haselsteiner told broadcaster ORF last week.
That could result in Signa’s 50 per cent holding being put up for an auction that would attract some of the biggest names in luxury retailing. But retail experts believe it is most likely to end up in the hands of Central, giving it outright ownership.
In a statement Selfridges said: “This does not change anything for Selfridges. Selfridges trades independently of any support from its shareholders. We are delighted to have the ongoing and unwavering support of Central Group.”.
Selfridges is one of the world’s most respected retailers, winning the “best department store in the world” award four times between 2010 and 2018.
